Administrative Rules of Montana
Department 42 - REVENUE
Chapter 42.12 - LIQUOR LICENSES AND PERMITS
Subchapter 42.12.5 - Competitive Bidding Process for Retail Alcoholic Beverage Licenses
Rule 42.12.501 - DEFINITIONS
Current through Register Vol. 6, March 22, 2024
The following definitions apply to this subchapter:
(1) "Bidder" means an individual or business entity.
(2) "Competitive bid form" means an electronic form provided by the department and submitted by a bidder, to enter a competitive bidding process.
(3) "Competitive bidding" means a process to select a bidder to submit an application for licensure.
(4) "Irrevocable letter of credit (ILOC)" means a letter of credit between a financial institution and a bidder, in accordance with Title 30, chapter 5, MCA, in which the issuing financial institution guarantees;
(5) "Minimum bid amount" means the lowest acceptable bid amount. The minimum bid amount shall be set by the department at 75 percent of the market value of licenses of the same type and privileges that have sold within the quota area or similar quota area.
(6) "Pivotal straight line" means a line that is created from the center point of two overlapping incorporated cities' or incorporated towns' boundaries and extends outward in a manner that separates the two quota areas as close to equidistant as possible.
AUTH: 16-1-303, 16-4-105, 16-4-201, 16-4-204, 16-4-420, MCA; IMP: 16-4-105, 16-4-201, 16-4-204, 16-4-420, 16-4-430, MCA